FOX Series

What are the primary business challenges that your solution addresses?Knowledger is a technology tool that efficiently moves data from a custodian source, housing the data, and creates all the journal entries into your general ledger. Knowledger provides a digital solution to manage the massive amount of data to be entered into a firm’s general ledger, making this process considerably faster. The firm therefore doesn’t need staff for this task, nor do they need to outsource it, as the technology provides quicker and more accurate results.Click to learn more about Knowledger and the FOX Family ...

What is the biggest impact your solution is having in family offices? SEI Family Office Services is a technology and outsourcing provider using the Archway PlatformSM to aggregate family assets and serve as a central data hub for accounting and back office services. By providing families with integrated data aggregation, families can have answers to key questions about their whole wealth picture quickly and efficiently. SEI provides a single source of truth for all family information, including personal assets, real estate and more. All entities can be accounted for on this single ...

What are the primary business challenges that your solution addresses? Addepar is a reporting solution for a broad range of advisor and family office needs, with the ability to provide a comprehensive but also simplified picture of complex wealth. Their technology is distinctive in how it recognizes very unique investments, like private equity, hedge funds and those things which are more common in the family office. Importantly, Addepar addresses how to structure and link the different entities, complex legal structures and investments involved in a family office, giving a broad under...

We have come a long way from the days when Artificial Intelligence (AI) was primarily a research project in academia or in the corporate world, and the size of the market opportunity was unclear. Today, the transformative power of AI is well recognized and the dollar value generated by AI is estimated to be at least a $3 trillion dollars annually (through sales, cost savings, automation, etc.) according to McKinsey. While academia places its focus on general AI, it has been narrow AI, which is designed to handle specific tasks, that has gained adoption and risen as a highly investable spa...

In our May 26th FOX Virtual Member Exchange, we discussed the factors to consider when planning to open your Family Office. The below steps are critical to consider in addition to monitoring state and local regulations. In addition to working with your building management team, there are also guidelines that the Centers for Disease Control (CDC) as well as OSHA have in place. Factors to take into consideration when you can reopen include state and local guidelines as well as OSHA. If you do not own your building, you will also want to consult with your building management company. Other q...

As families of wealth and their Family Offices consider future success strategies, how ready are they to adapt? In this excerpt from our 2020 FOX Foresight publication, FOX Chief Operating Officer, Glen W. Johnson, talks with Dr. Jim Grubman about the approach he uses to help families and their Family Offices successfully navigate change. GLEN JOHNSON: How did the “Stages of Change” model in a family system come about? How did you adapt it to help families manage change?JIM GRUBMAN: The original model for the Stages of Change comes from research done in the 1970s and ‘80s around habit con...

COVID numbers have turned up – for the worse. Given the large spikes in new cases, hospitalizations and positive test rates across the United States, it is difficult to ignore the conflict between economic growth and crushing the pandemic. This tension between economic growth and efforts to stop the virus have been evident since the coronavirus started to hit the US in early March.Americans have viewed business closures as the driver of the recession and some policymakers and economists argue that they came at too great a cost relative to the benefits provided public health. The Chamber of Com...

In our May 12 FOX Member Exchange, we asked a live polling question “Describe the best meeting you’ve been to. What made it great.” The responses varied but what continually stood out, and was a recurring theme throughout the presentation, showing up in the chat box and in member questions. ENGAGEMENT. We know engagement was a struggle in the pre-COVID world. In today’s current experiment we are now trying to create relational connection, maintain forward momentum, get through a large agenda in 1/3 of the time, and make all of that ENGAGING. No small feat. Your family retreat, whil...

As we work to process the tragic deaths of George Floyd, Breonna Taylor, Ahmaud Arbery, and countless others through the generations, we feel compelled to speak out. Discrimination is the greatest threat to a community built on belonging and acceptance. It cuts to the core of who we are and what we believe in.We want to reinforce our desire to create a safe and welcoming environment for all. We support and value diversity. We want to foster a society and a work environment free from discrimination and harassment that provides equal opportunities for all, and is a proponent for systemic change....

We are dedicated to supporting your growth through industry leadership and forward thinking at our forums and workshops. FOX will continue to deliver value by helping you see what’s coming; systematically sharing firm best practices and lessons learned; and identifying your closest peers and strategic industry partners. .blog-banner{ display:none; }

With social distancing changing how work is done, a whole host of business continuity issues are affecting family offices. During a recent Member Exchange dialogue, members told us their family office culture, risk appetites, and technology were rapidly changing as a result. Human Capital ChallengesWhile work from home options are increasingly common with many employers, family offices —especially smaller ones —don't have as much experience with it and found it to be a big culture shift. Members cited holding regular check-ins using video conferencing tools and over-communicating helped w...

Want to know how to best support your IT teams amid the ongoing COVID-19 crisis? Here are a few tips on how you can help make the best of this situation. Exercise PatienceThe most important thing you can do is have patience with your IT staff. Nearly all cloud services are struggling to keep up with the exponential growth of users flocking to their platforms and it’s important to realize that oftentimes there’s not much your staff can do to help a service scale. Practice being okay with some loss in call quality and downtime as these services scale. Check Status PagesYou can often ac...

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Today’s EnvironmentToday more than ever, with exponential change and global interdependency resulting in ever-greater complexity, epitomized by the Coronavirus pandemic, today’s world requires we bring out our best as leaders. Given the complexity of business, investments, cybersecurity, taxes, and family dynamics, leading in a Single Family Office (SFO) is a challenge for every leader in these turbulent times. Frame this for leaders in Single Family Offices (SFO) Working with SFO’s, it does not take long to hear the adage: if you have seen one family office, you’ve seen one family o...

Previously published in Family Business Magazine Dramatic change is on the horizon, and multigenerational businesses are facing critical transition issues as ownership in private companies and substantial wealth are transferred between generations. Because few families are ready for these transitions, the family office will play an increasingly important role in supporting the family. Family Office Exchange (FOX) has worked closely with families, family office executives and advisers for more than 30 years. According to the 2019 FOX Family Office Benchmarking Report, the rising gener...

Revisit 2019 content from Family Office Exchange (FOX) as we celebrate 30 years of providing members with objective guidance, peer exchange, and continuous learning.

In this episode, Todd Kellerman and Tim Wray, cofounders of V3 Limited, discuss lessons learned from the past and offer some insight into current family office investment trends. Todd and Tim are now focused on working with financially successful families to align investments with values and take advantage of direct investing opportunities.V3 Limited sponsors the FOX Direct Investing Network.Subscribe to FOXCast on Apple Podcasts here. Listen Now: Private Equity Fund and Direct Investing in Today's Market Your browser does not support the audio element. Below is a transcript from the...

In this episode, Jacqueline Valouch, head of philanthropy at Deutsche Bank Wealth Management talks about the role of philanthropy in onboarding the next generation, creating successful partnerships within your family, and even working with other families to make a larger impact.Subscribe to FOXCast on Apple Podcasts here. Listen Now: Philanthropy and Next Generation Success Your browser does not support the audio element. Below is a transcript from the conversation:KC: Can you start by describing the type of family that you typically work with?Jacqueline Valouch: Sure. So, the realit...

In this episode, we pick the brain of Robb Lanham, Chief Sales Officer at HUB International. In his role, Robb works with family offices to develop creative solutions for complex risk.And speaking of complex risk, losses due to natural disasters are on the rise worldwide and the insurance world has had to dramatically shift in response to recent catastrophic events. He explains why, for the first time, we're seeing the cost of insurance driving the home buying process.Subscribe to FOXCast on Apple Podcasts here. Listen Now: Can we Offset the Cost of Living in Paradise? Your browser does ...

In this episode, we sit down with Karen McNeill, Head of Family History at Ascent Private Capital Management of U.S. Bank, to discuss her fascinating role in researching family histories as part of a comprehensive wealth planning platform. Here, she discusses how applying historical knowledge to family culture can play an enormous role in supporting family preservation and success.Subscribe to FOXCast on Apple Podcasts here. Listen Now: Historical Imagination for Family Preservation Your browser does not support the audio element. Below is a transcript from the conversation:KC: Speak...

In this episode, Tina Milligan, Managing Director at BMO Family Office, part of BMO Wealth Management, illustrates the importance of family meetings.With over 20 years of experience working with family offices, Tina knows that holding family meetings and having open lines of communication are vital elements for families who are connected through wealth. Here, she covers family meeting guidelines suitable for different family needs. BMO Family Office is a FOX Thought Leaders Council member.Subscribe to FOXCast on Apple Podcasts here. Listen Now: Family Meetings are Where Expectations are S...

Every year at this time I get questions from our members about shared family vacation homes. "How are other families scheduling usage?" "How are expenses shared?" "How should we handle family members that can no longer support their ownership expenses?" And the list goes on and on. Many wealthy families see shared property as a good way of encouraging family unity and preserving their legacy, and tax laws certainly make gifting real estate advantageous. But sharing property among multiple family members is often a delicate balancing act that requires careful planning and a shared commitme...

Most people feel honored when they are tapped to serve as trustee of a family trust. It is an important leadership position as well as a powerful role in managing a family’s wealth. The trustee also has significant influence over the long-term well being of the beneficiaries. It is a role that is not to be taken lightly. The responsibility is significant, and there’s a lot more to the job than meets the eye. A new trustee needs to frankly ask himself or herself the following questions:Are you prepared to take legal ownership of all assets of the trust?The trustee is re...

The yacht insurance market is dramatically changing in terms of available capacity and cost. As vessels get bigger and more sophisticated, clients worldwide are experiencing premium increases. In this episode, we sit down with Sean Blue, Global Head of Watercraft Insurance at AIG Private Client Group, a division of the member companies of the American Insurance Group, Inc. (AIG), to get caught up on how yacht-owning families can plan ahead to mitigate the overall cost of risk.Subscribe to FOXCast on Apple Podcasts here. Listen Now: Managing Risk for Yachts, Megayachts, Superyachts, and Gi...

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